The global dump trucks and mining trucks market is anticipated to register a CAGR of about 6% during the forecast period (2020 - 2025).
- The demand for mining trucks is expected to rise on the backdrop of increased mining activity due to continuous demand for minerals and ores, which are a necessity for the development of various industries and infrastructural projects.
- The global mining industry is facing a shortage of skilled manpower. Moreover, in the wake of COVID-19 outbreak and industries shut down, the situation is expected to drive the mining companies to improve their production efficiency which in turn is expected to drive the demand for more mining trucks.
- The mining industry is now witnessing stringent emission rules and import-export regulations by the government. To increase the profit margins productivity, have to be improved. This is causing companies to automate and electrify mining trucks by installing sensors and analyzing data generated by them.
Key Market Trends
Electric Trucks Projected to Witness Highest Growth in the Market
There has been an increasing demand for less emission and electric dump trucks and mining trucks. An electric mining truck experiences fewer power losses than a diesel engine at high altitude and is quite easier to start in a cold climate. Many industry participants are launching their electric versions of mining trucks. For instance, Anglo American, ENGIE, and Williams Advanced Engineering are working together to develop the world's largest electric vehicle that will be a hydrogen-powered mining truck. The lithium-ion battery will replace the diesel engine and the FCEV mining truck will be capable of running on both hydrogen and battery.
Caterpillar launched a trolley assist system for Cat electric drive mining trucks. The trolley assist system boosts productivity, as well as it increases speed-on-grade. By using the assist system, a loaded 795F can run at 28 kmph on a 10% physical grade in solid haul road conditions.
Similarly, Conuma Coal Resources Limited has announced that it is replacing its fleet of haul trucks at Wolverine Mine with five new Komatsu electric 830E-5 models. Developments and initiatives of these kinds are expected to help the market grow.
Asia-Pacific is Expected to Grow at a High Rate in the Market
One of the key factors of the growth of the Asia-Pacific dump trucks and mining trucks market is due to the increase in mining activities in countries such as China, India, Japan, Australia, etc.
In eastern China, the government has fitted gas pipelines in households but failed to supply gas regularly. This has led to increased consumption of coal by people for heating purposes. China’s largest coal-producing province, Shanxi has provided relaxation on stringent government policies and plans to add nearly 11 million tons of coke producing capacities to meet growing demand.
Also, China is the largest producer of steel and about half of the world's steel is produced in the country. China also produces around 90% of the world’s rare earth metals.
India. which is one of the fastest-growing mining equipment markets is witnessing a huge increase in the mining industry, as coal production grew by 5.17% between 2014 and 2019.
Regional players are getting new contracts from the construction and mining companies. All the aforementioned developments are expected to help the market growth over the forecast period.
The global dump trucks and mining trucks market is moderately consolidated, having a number of active local as well as global players. Some of the major players in the market are Caterpillar, Inc., Doosan Infracore, Hitachi Construction Machinery Co., Ltd., and Liebherr Group. Companies are developing and adding new technologies into their existing models, launching new models, tapping in new and unexplored markets.
For instance, in 2019, the Caterpillar 794 AC mining truck is got the US EPA Tier 4 Final exhaust emissions standards. The Tier 4 truck is equipped with an exhaust after-treatment system that uses a selective catalytic reduction system (SCR), which uses diesel exhaust fluid to reduce emissions of nitrogen oxides.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support